A Co. issued bonds with face amount of P1M and fair value of P1.2M in exchange for all the assets and liabilities of B Co. A Co. incurred bond issue costs of P30,000 and legal fees of P10,000 in negotiating the business combination. The carrying amounts and fair values of B's assets and liabilities at the acquisition date are shown below: Assets Carrying amounts 300,000 600,000 800,000 80,000 1,780,000 Receivables-net Inventory Land Goodwill Total assets Liabilities Payables 320,000 Requirement: Compute for the goodwill (gain on bargain purchase). Fair values 200,00 450,000 1,000,000 50,000 1,700,000 390,000